Consent-General Government # 13.
Board of Supervisors
Financial Services
- Meeting Date:
- 07/27/2021
- Brief Title
- Adopt resolution for proceeds of Chula Vista decision
From:
Chad Rinde, Chief Financial Officer, Department of Financial Services
Staff Contact:
Chad Rinde, Chief Financial Officer, Department of Financial Services, x8050
Supervisorial District Impact:
Subject
Adopt resolution on utilization of proceeds from the Chula Vista decision. (No general fund impact) (Rinde)
Recommended Action
Adopt resolution on utilization of proceeds from the Chula Vista decision.
Strategic Plan Goal(s)
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Thriving Residents |
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Safe Communities |
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Sustainable Environment |
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Flourishing Agriculture |
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Robust Economy |
Reason for Recommended Action/Background
On June 29, 2021, the Department of Financial Services presented this item on redevelopment wind-down, the projected loss of pass-through revenues that the County would experience when those agencies wind down in approximately 2037 and 2046, and briefed the Board on the impacts and opportunities associated with the Chula Vista decision. The full staff report and background are provided in Attachment A to this staff report.
At the June 29, 2021 Board meeting staff recommended adoption of a resolution that would allow for these proceeds to be set aside for (1) Reserve Accumulation, or (2) reduction in long-term liabilities to best position the County to weather future revenue reductions at the time of wind down of the redevelopment agencies.
Per the Board's direction, staff has updated the resolution to allow for use of the funds for a third purpose to: (3) protect County's essential services from potential impacts of unanticipated events and circumstances not occurring during the normal course of operations (i.e. a fiscal emergency).
With this adjustment, staff requests that the Board adopt the attached resolution, provided as Attachment B to this staff report.
At the June 29, 2021 Board meeting staff recommended adoption of a resolution that would allow for these proceeds to be set aside for (1) Reserve Accumulation, or (2) reduction in long-term liabilities to best position the County to weather future revenue reductions at the time of wind down of the redevelopment agencies.
Per the Board's direction, staff has updated the resolution to allow for use of the funds for a third purpose to: (3) protect County's essential services from potential impacts of unanticipated events and circumstances not occurring during the normal course of operations (i.e. a fiscal emergency).
With this adjustment, staff requests that the Board adopt the attached resolution, provided as Attachment B to this staff report.
Collaborations (including Board advisory groups and external partner agencies)
The Department of Financial Services collaborated with County Counsel.
Competitive Bid Process
Not applicable.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Financial Services | crinde | 07/19/2021 08:22 AM |
| County Counsel | Phil Pogledich | 07/19/2021 10:42 AM |
- Form Started By:
- crinde
- Started On:
- 03/08/2021 01:21 PM
- Final Approval Date:
- 07/19/2021